Wave of private bank M&A set to break
The new reality for wealth managers will be characterised by lower margins, increased costs and client caution. Firms must focus either on global reach or adopt a specialised approach.
Swiss private bank Julius Baer announced two strategic alliances last month aimed at building international scale at the same time as developing its core market focus in Europe.
Naturally, all eyes are on its cooperation agreement with Bank of China (BoC). More a commercial bank than a wealth manager, BoC has ambitions to be a full-service international player. Its alliance with Julius Baer will allow it exclusive access to a private bank.
At the same time, Julius Baer will be a…
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